The payments company Square is increasingly looking more and more like a bank account, with a Cash App that the company says is trying to serve 30 million unbanked or underbanked households in the U.S.
Square is considering offering investment and savings products through its Cash App
“Anything you do today with a bank account, you should look to Cash App to begin to emulate more and more of that,” says Square CFO Sarah Friar.
And the company’s chief financial officer, Sarah Friar, shared onstage at Recode’s Code Commerce 2018 today that the company was considering expanding into new turf. It may be offering savings products like a neighborhood bank might, and will perhaps allow customers to purchase stock just like Cash users today can purchase bitcoin.
Those are still just ideas that the company can do with the more than $200 million in balances that customers hold in the app.
“It’s definitely a big balance. And we’re starting to think about, are there other things we could do for our customers there? Maybe help them with their savings,” she said. “How can we help them make their money work for them? Lots of ideas on the table.”
One of those ideas is “absolutely” other types of investments.
“Anything you do today with a bank account, you should look to the Cash App to begin to emulate more and more of that,” Friar said.
Those changes would move Square beyond its origins as a checkout software for businesses and into a competitor to startups like Robinhood.
This article originally appeared on Recode.net.
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